Nigeria is to earn $709 million as consortiums consisting construction giant Julius Berger, diversified conglomerate Transcorp, First Bank and Forte Oil owned by billionaire businessman Femi Otedola, were announced as preffered bidders for the purchase of five power generation plants in a privatization process that is to facilitate the end of the country’s longstanding power problem.

About $40 billion have been invested over the last two decades to increase power generation and distribution in Africa’s most populous nation, having a meager 4,000 megawatts of power generation to show for it – an amount lesser than a tenth of South Africa’s power generation which serves a population a third of Nigeria’s 150 million.

President Goodluck Jonathan has promised a steady power supply by 2013 and embarked on the privatization of the Power Holding Company of Nigeria (PHCN), selling it to bidders as 11 distribution and six generation companies.

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